LaserCard Received Orders and Contractual Obligations Totaling $24.5 Million on 2009

Reviewing the outlook for the secure ID market, Robert DeVincenzi, Chief Executive Officer of LaserCard Corporation  discussed organic growth opportunities for the company and gave his perspective on the industry for 2009.

LaserCard has received orders and contractual obligations totaling $24.5 million this calendar year for programs including the US Permanent Resident Card, the Kingdom of Saudi Arabia National ID Card, state vehicle registration authorities in India, the Costa Rica Foreign Resident Card and the Italian Citizen ID and Foreign Resident Cards.

In addition to orders for optical memory cards for delivery in calendar 2009 totaling $24.5 million, the company has $8.8 million in optical memory card backlog for the Angola program. This order book of $33.3 million is a record for LaserCard.

“The company’s prospects are bright, with opportunities for organic growth from existing programs and new customers, given the growing worldwide market for highly secure ID cards, our expanded credential portfolio and our Enabling Services capabilities,” said DeVincenzi. “While we expect to see revenue variability in the intermediate term as projects move through implementation stages, we view the current $33 million order pipeline as a very positive indicator for our future.”

Industry Trends
Outlining his view of the secure ID card industry over the next five years, DeVincenzi said the market is likely to evolve beyond the limits of the present technology biases of various competitors to a more pragmatic, integrated and holistic approach. “We can expect to see the industry and its customers truly respond to the realities of how identity cards are used in everyday situations, and how major programs are implemented. I hope that we will see a new focus on industry best practices, expertise in implementation, including layered and better integrated security technologies supported by a complete ecosystem of delivery,” said DeVincenzi.